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Today's mortgage and refinance rates: July 1, 2022 | Fixed rates cool
1 month ago | By Business Insider
After spiking over the past couple of weeks, average fixed mortgage rates are back down, according to Freddie Mac. The average 30-year fixed mortgage rate trended down to 5.7% this week. However, this rate is still higher than it was at the beginning of June, when it dropped to 5.09%. Climbing rates have hurt affordability for homebuyers, leading many to reevaluate their budgets or drop out of the market completely. This time last year, the average 30-year mortgage rate was at 2.98%. On a $250,000 loan, that equals a monthly payment of $1,051. With the current average rate of 5.7%, that...
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